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What You Need to Know About the Cost of Paving a Parking Lot

Your parking lot is a crucial piece of your business. It is what allows your customers to conveniently access your store. Whether business owners are aware of it or not, many customers base their decision of where to shop off of the convenience of parking. If the parking lot is difficult to get to, in bad shape, or non-existent, your customers are likely to take their business elsewhere.

Needless to say, your parking lot matters.

When it comes to the Cost of Paving a Parking Lot for your business, there are various components that impact how much the project will cost.

On the East Coast, specifically in the New Jersey, Connecticut, and New York area, you will typically see contractors charging anywhere from $1.25 to $1.50 per square foot.

Below are other factors that will affect the cost of your paving project:

 

  • Cracks in Current Lot: If there are major cracks in your current parking lot, the project will cost more as these will need to be fixed first before new pavement can be laid. Severe cracks, known as alligator cracks, cost more money to fix and can also be a sign of water problems happening beneath the surface.
  • Drainage Issues: Problems with draining might be why you are needing to redo your parking lot right now. In order to make sure you’re not constantly needing to repave, any drainage issues should be fixed prior to new pavement going in. This will impact the cost of the project and the timeline.
  • Availability of Materials: The contractor’s ability to access the materials you need for the project can either reduce the cost of your project or increase it. There are months where raw materials are harder to get a hold of, which can cause the cost of your project to rise. The location of your business also impacts the cost of paving your parking lot.

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